(Bloomberg) - Asian stocks rose, led by banks, with the benchmark regional index recouping some of the $190 billion that was wiped off the value of regional shares yesterday amid concern that Europe will plunge back into crisis.

Mitsubishi UFJ Financial Group Inc. (8306) climbed 1.8 percent after Japan’s largest publicly traded lender yesterday fell by the most in eight months. Canon Inc. (7751), a camera maker that gets 80 percent of sales outside Japan, gained 1.3 percent as the yen weakened against the dollar, boosting the earnings outlook for exporters. Alacer Gold Corp. advanced 3.1 percent in Sydney as gold rose for a fourth day.

The MSCI Asia Pacific Index (MXAP) advanced 0.5 percent to 134.73 as of 9:13 in Tokyo, before markets in China and Hong Kong open. The measure lost 1.9 percent yesterday, the most since July, after Cyprus proposed an unprecedented levy on bank savings to pay for a European bailout.

“Investors are not overly concerned about the potential for political contagion from the imposition of a deposit tax in Cyprus,” said Ric Spooner, chief market analyst at CMC Markets in Sydney. “Investors and bank depositors appear to accept assurances that this is a one-off measure that would not be imposed on citizens of larger debtor nations elsewhere in Europe.”

Japan’s Nikkei 225 Stock Average advanced 1.8 percent and Australia’s S&P/ASX 200 Index (AS51) rose 0.3 percent. South Korea’s Kospi Index climbed 0.5 percent and New Zealand’s NZX 50 Index added 0.2 percent.

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